Demand for LCD panels is growing as they’re being used in many types of electronic devices, including flat-panel TVs, computer monitors, digital cameras and more. To that end, Hitachi, Canon and Matsushita have formed an alliance to bolster their LCD panel businesses and share the cost and benefits of development and production of such displays.

Under the deal, both Matsushita and Canon will acquire 24.9% of all outstanding shares of Hitachi Displays, a wholly-owned subsidiary of Hitachi, with Hitachi maintaining the remaining 50.2%. The deal, which is subject to regulatory approval, should be completed by the end of March. The announcement highlights the increasing competition in the flat-panel industry. Other players that have already teamed up on LCDs include Sony and Samsung as well as Sharp and Toshiba.